0 30/06/2023 2023-06-30 false false false false false false false false false false true false false true false false false false true true false No description of principal activities is disclosed 2022-07-01 Sage Accounts Production 21.0 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP 04793655 2022-07-01 2023-06-30 04793655 2023-06-30 04793655 2022-06-30 04793655 2021-07-01 2022-06-30 04793655 2022-06-30 04793655 2021-06-30 04793655 bus:RegisteredOffice 2022-07-01 2023-06-30 04793655 bus:LeadAgentIfApplicable 2022-07-01 2023-06-30 04793655 bus:Director1 2022-07-01 2023-06-30 04793655 bus:Director3 2022-07-01 2023-06-30 04793655 bus:CompanySecretary1 2022-07-01 2023-06-30 04793655 core:LandBuildings 2023-06-30 04793655 core:WithinOneYear 2023-06-30 04793655 core:WithinOneYear 2022-06-30 04793655 core:AfterOneYear 2023-06-30 04793655 core:AfterOneYear 2022-06-30 04793655 core:LandBuildings 2022-06-30 04793655 core:HedgingReserve 2021-07-01 2022-06-30 04793655 core:RetainedEarningsAccumulatedLosses 2021-07-01 2022-06-30 04793655 core:RetainedEarningsAccumulatedLosses 2022-07-01 2023-06-30 04793655 core:ShareCapital 2023-06-30 04793655 core:ShareCapital 2022-06-30 04793655 core:HedgingReserve 2023-06-30 04793655 core:HedgingReserve 2022-06-30 04793655 core:RetainedEarningsAccumulatedLosses 2023-06-30 04793655 core:RetainedEarningsAccumulatedLosses 2022-06-30 04793655 core:ShareCapital 2021-06-30 04793655 core:HedgingReserve 2021-06-30 04793655 core:RetainedEarningsAccumulatedLosses 2021-06-30 04793655 core:LandBuildings 2022-06-30 04793655 bus:Director1 2022-06-30 04793655 bus:Director1 2023-06-30 04793655 bus:Director3 2022-06-30 04793655 bus:Director3 2023-06-30 04793655 bus:Director1 2022-06-30 04793655 bus:Director3 2021-06-30 04793655 bus:Director3 2022-06-30 04793655 bus:Director1 2021-07-01 2022-06-30 04793655 bus:Director3 2021-07-01 2022-06-30 04793655 bus:SmallEntities 2022-07-01 2023-06-30 04793655 bus:AuditExempt-NoAccountantsReport 2022-07-01 2023-06-30 04793655 bus:FullAccounts 2022-07-01 2023-06-30 04793655 bus:SmallCompaniesRegimeForAccounts 2022-07-01 2023-06-30 04793655 bus:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30 04793655 core:LandBuildings 2022-07-01 2023-06-30 04793655 core:InvestmentPropertiesRevaluationReserve 2021-06-30 04793655 core:InvestmentPropertiesRevaluationReserve 2022-06-30 04793655 core:InvestmentPropertiesRevaluationReserve 2023-06-30
Company registration number: 04793655
MPL Properties Limited
Unaudited filleted financial statements
30 June 2023
MPL Properties Limited
Contents
Directors and other information
Balance sheet
Statement of changes in equity
Notes to the financial statements
MPL Properties Limited
Directors and other information
Directors Mr M Beresford-Ward
Mr L Beresford-Ward
Secretary Mrs L Beresford-Ward
Company number 04793655
Registered office 2 Murreyfield Close
Plymouth
Devon
PL2 3FB
Accountants Wills Accountants Limited
2 Endeavour House
Parkway Court
Longbridge Road
Plymouth
PL6 8LR
MPL Properties Limited
Balance sheet
30 June 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 845,000 775,000
_______ _______
845,000 775,000
Current assets
Stocks - 70,000
Debtors 6 58 2,505
Cash at bank and in hand 54 42
_______ _______
112 72,547
Creditors: amounts falling due
within one year 7 ( 316,616) ( 306,980)
_______ _______
Net current liabilities ( 316,504) ( 234,433)
_______ _______
Total assets less current liabilities 528,496 540,567
Creditors: amounts falling due
after more than one year 8 ( 383,967) ( 389,892)
_______ _______
Net assets 144,529 150,675
_______ _______
Capital and reserves
Called up share capital 4 4
Fair value reserve 299,018 299,018
Profit and loss account ( 154,493) ( 148,347)
_______ _______
Shareholders funds 144,529 150,675
_______ _______
For the year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 09 February 2024 , and are signed on behalf of the board by:
Mr L Beresford-Ward
Director
Company registration number: 04793655
MPL Properties Limited
Statement of changes in equity
Year ended 30 June 2023
Called up share capital Fair value reserve Profit and loss account Total
Restated
£ £ £ £
At 1 July 2021 4 366,293 ( 198,029) 168,268
Loss for the year ( 17,593) ( 17,593)
Other comprehensive income for the year:
Reclassification from fair value reserve to profit and loss account (67,275) 67,275 -
_______ _______ _______ _______
Total comprehensive income for the year - ( 67,275) 49,682 ( 17,593)
_______ _______ _______ _______
At 30 June 2022 and 1 July 2022 4 299,018 ( 148,347) 150,675
Loss for the year ( 6,146) ( 6,146)
_______ _______ _______ _______
Total comprehensive income for the year - - ( 6,146) ( 6,146)
_______ _______ _______ _______
At 30 June 2023 4 299,018 ( 154,493) 144,529
_______ _______ _______ _______
MPL Properties Limited
Notes to the financial statements
Year ended 30 June 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is MPL Properties Limited, 2 Murreyfield Close, Plymouth, Devon, PL2 3FB.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The company has current liabilities. The company is therefore reliant upon the continued financial support of its directors in order to continue operations. The directors have indicated their willingness to provide financial support to ensure that the company has sufficient resources to meet third parties debts as they fall due. Accordingly the accounts have been prepared on a going concern basis. If the support of the directors were withdrawn, then the going concern basis may not be acceptable. Adjustments may then have to be made to adjust the value of the assets to their recoverable amounts, to provide for any further liabilities that might arise, and to reclassify fixed assets and long term loans as current assets and current liabilities.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Investment property
Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Employee numbers
The average number of persons employed by the company during the year amounted to Nil (2022: Nil).
5. Tangible assets
Freehold and leasehold properties Total
£ £
Cost
At 1 July 2022 775,000 775,000
Transfers 70,000 70,000
_______ _______
At 30 June 2023 845,000 845,000
_______ _______
Depreciation
At 1 July 2022 and 30 June 2023 - -
_______ _______
Carrying amount
At 30 June 2023 845,000 845,000
_______ _______
At 30 June 2022 775,000 775,000
_______ _______
Investment properties are accounted for in accordance with the Financial Reporting Standard 102 section 1A. No depreciation is provided in respect of such properties. Although the Companies Act 2006 would normally require the systematic annual depreciation of fixed assets, it is believed that this policy of not providing depreciation is necessary in order for the accounts to give a true and fair view, since the current value of investment properties, and changes in that current value, are of prime importance rather than a calculation of systematic annual depreciation. Depreciation is only one of the many factors reflected in the annual valuation, and the amount, which might otherwise have been shown, cannot be separately identified or quantified.
Investment property
Included within the above is investment property measured at fair value as follows:
£
At 1 July 2022 775,000
Transfers from stocks 70,000
_______
At 30 June 2023 845,000
_______
The work in progress figure of £70,000 shown in previous years has now been recognised as a cost redeveloping the existing Investment Property and thus has been reallocated from work in progress.
Tangible assets held at valuation
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Freehold and leasehold properties Total
£ £
At 30 June 2023
Aggregate cost 545,982 545,982
Aggregate depreciation - -
_______ _______
Carrying amount 545,982 545,982
_______ _______
At 30 June 2022
Aggregate cost 475,982 475,982
Aggregate depreciation - -
_______ _______
Carrying amount 475,982 475,982
_______ _______
6. Debtors
2023 2022
£ £
Other debtors 58 2,505
_______ _______
7. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts - 4,190
Corporation tax - 58
Other creditors 316,616 302,732
_______ _______
316,616 306,980
_______ _______
8. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts 383,967 389,892
_______ _______
The mortgage is secured against certain properties held as fixed assets. There is also an unlimited debenture on MPL Properties Ltd and a personal guarantee from the director Mr L Beresford-Ward .
Included within creditors: amounts falling due after more than one year is an amount of £ 383,967 (2022 £ 383,967 ) in respect of liabilities payable or repayable otherwise than by instalments which fall due for payment after more than five years from the reporting date.
9. Prior period errors
In 2022 there was an error that allocated the transfer to the Profit and Loss Reserve from the Fair Value Reserve to the Administrative expenses instead of directly to the Profit and Loss Reserve. This has had no impact on the Statement of Financial Position.
10. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr M Beresford-Ward ( 3,194) - - ( 3,194)
Mr L Beresford-Ward ( 298,338) ( 14,312) 500 ( 312,150)
_______ _______ _______ _______
( 301,532) ( 14,312) 500 ( 315,344)
_______ _______ _______ _______
2022
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr M Beresford-Ward - ( 3,194) - ( 3,194)
Mr L Beresford-Ward ( 174,492) ( 189,358) 65,512 ( 298,338)
_______ _______ _______ _______
( 174,492) ( 192,552) 65,512 ( 301,532)
_______ _______ _______ _______
The loans are unsecured, repayable on demand and attract no interest.